More than 69 GW of New Offshore Wind Capacity Is Expected to Be Installed between 2018 and 2027
Offshore wind will play an increasing role in the broader global energy transition to a more diverse and flexible energy economy
A new report from Navigant Research offers a country-level analysis of all offshore wind markets, with a data focus on key market activity, installation rates, and capacity under construction or in planning.
The offshore wind power industry continues to grow at a steady pace, reaching new markets with continued technology cost reductions and an increased demand for renewable energy. Though less offshore wind is installed annually compared to onshore wind, it remains an abundant clean energy solution for many coastal load centers where a greater proportion of population and energy demand is located. Click to tweet: According to a new report from @NavigantRSRCH, over 69 GW of new offshore wind capacity is expected to be installed between 2018 and 2027, exceeding 100 GW of operating capacity by 2030.
“Offshore wind will play an increasing role in the broader global energy transition to a more diverse and flexible energy economy,” says Jesse Broehl, senior research analyst with Navigant Research. “However, due to the capital-intensive nature of this market, the market share analysis by country shows that an increasingly narrow pool of wind turbine manufacturers is providing to this fast-growing market.”
Regionally, offshore wind is quickly becoming more cost-effective with each successive competitive tender in Europe. Industry-leading countries like the UK, the Netherlands, Denmark, Germany, and Belgium are well into a transition phase to market-oriented policies and include highly competitive bidding for power contracts. Competitive bidding has also begun in the US ahead of offshore project installations along the Northeastern seaboard.
The report, Market Data: Offshore Wind Market and Turbine Vendor Assessment, provides a country-level analysis of all offshore wind markets, with a data focus on key market activity, installation rates, and capacity under construction or in planning. The study provides data about turbine manufacturers, including overall global market shares and more granular installed capacity by country and wind turbine vendor. The report also details average rotor diameters, specific power and turbine nameplate ratings by installed year, and the shifting market share diversification of offshore foundation types, including the latest floating wind activity. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, Market Data: Offshore Wind Market and Turbine Vendor Assessment, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.